Social Security Taxes
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Re “Options Given to Save Social Security,” Nov. 30: Social Security can be saved by simply making it fair. The current Social Security tax is outrageously regressive. Each worker is taxed 6.2% on up to $80,400 of annual income. After that, big earners pay nothing.
That means those who earn $250,000 a year pay only 2% of their income in Social Security tax. Those who earn $500,000 pay less than 1%. But the low-income earner still pays 6.2%. This makes no sense.
Income tax rates are progressive--the rich pay a higher percentage of their incomes than do the poor. Why should Social Security taxes be different? At the very least we should tax everyone at the same rate. That would give us more than enough revenues to save the system.
Al Sheahen
Sherman Oaks
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